Budget 2024 - No change in income tax slab, old and new regimes to continue.

The next 5 years will bring unprecedented development and we will be a developed country by 2047 - says Finance Minister Nirmala Sitharaman

The tax slab rates for both new and old income tax regimes are kept unchanged including direct taxes, indirect taxes and import duties and for all categories, individuals including senior citizens and super senior citizens. She expressed that the government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26. The budget allocated Rs 86,000 Crores for the rural employment scheme indicating a raise of 43.33% from the last budget.

Further, 40,000 normal rail bogies will be converted to Vande Bharat for enhancing safety, convenience and comfort whereas Metro Rail and Namo Bharat will be expanded to more cities. She also announced the success and expansion of " Lakhpati didi" scheme's target from 2 crore to 3 crore for uplifting the economic status of rural women.

Besides this, another highlight of the budget was the goal to provide 300 units of free electricity every month to 10 million households with the the help of roof top solarisation. This budget speech was the shortest budget speech of Nirmala Sitharam as it was not a full budget because of the Lok Sabha Elections which are going to be held soon in 2024. Finance Minister, Nirmala Sitharaman presented the interim budget for the financial year 2024-25 in 58 minutes. According to her, the empowerment of women, farmers, youth and poor sections of society are the highest priority, focussing on whom the budget is finalised.

Report by Divya

Graphics by Somya Goyal